BTC trading above support, Accumulation confirms trend.
Looking at the 4h chart, we have a recent swing into a bull run—minor in the grand time-frame, but accumulation confirms that BTC is likely to break upwards. Despite volatility in the price, we still see a strong accumulation trend throughout the entire time BTC is trading above the most recent support level, roughly $8740, and basically spot on the 0.263 fib from the start of this most recent bullish trend.
Fundamentals are looking good - India re-opens cryptocurrency trading and development in the blockchain space is chugging along despite the rest of the world slowing down for a bit. The fact that altcoins are faring well for the most part as well is another meta indicator that the market is feeling relatively stable with the BTC price at the moment.
We had institutional investors recently buying up the dips, on-ramps like CashApp for example increased the weekly BTC purchase limit for their users this month to $100k/week. Someone *cough* Jack *cough* was confident enough with the price of BTC when we started seeing some bearish action so there is a strong incentive from institutional investors and BTC resellers to maintain this support for themselves and their customers.
I want to quickly touch on why I place stock in how CashApp manages it's Bitcoin features to explain some of the meta factors I'm looking at as well:
a) Jack Dorsey, CEO, has made it clear that the app will not support other crypto, it's Bitcoin or Bust.
b) They're following an "unbanked" model. Unlike Coinbase, CashApp also provides routing and account numbers, letting you be your own bank (minus holding of keys, but that's what a Ledger is for). As for adoption, being able to hold Bitcoin and also have the option to spend it directly for purchases feels like a great way to get people using Bitcoin for purchases or as a savings account.
Consider also that the world is starting to wake up en-masse to the fact that fiat currency is valued against thin air. While the individual may not swing the needle here, investors see this, and the volume reflects the sentiment. People are starting to hedge against a dollar crash.
While we could break below the indicated support line, leading to quite a drop as there's not many support levels nearby, I'm looking for scalping opportunities over the next week as the TA, FA, and most importantly, my gut instinct tells me that even if we see a price drop, it's still a fantastic time to buy BTC if you plan on holding.
Fundamentals are looking good - India re-opens cryptocurrency trading and development in the blockchain space is chugging along despite the rest of the world slowing down for a bit. The fact that altcoins are faring well for the most part as well is another meta indicator that the market is feeling relatively stable with the BTC price at the moment.
We had institutional investors recently buying up the dips, on-ramps like CashApp for example increased the weekly BTC purchase limit for their users this month to $100k/week. Someone *cough* Jack *cough* was confident enough with the price of BTC when we started seeing some bearish action so there is a strong incentive from institutional investors and BTC resellers to maintain this support for themselves and their customers.
I want to quickly touch on why I place stock in how CashApp manages it's Bitcoin features to explain some of the meta factors I'm looking at as well:
a) Jack Dorsey, CEO, has made it clear that the app will not support other crypto, it's Bitcoin or Bust.
b) They're following an "unbanked" model. Unlike Coinbase, CashApp also provides routing and account numbers, letting you be your own bank (minus holding of keys, but that's what a Ledger is for). As for adoption, being able to hold Bitcoin and also have the option to spend it directly for purchases feels like a great way to get people using Bitcoin for purchases or as a savings account.
Consider also that the world is starting to wake up en-masse to the fact that fiat currency is valued against thin air. While the individual may not swing the needle here, investors see this, and the volume reflects the sentiment. People are starting to hedge against a dollar crash.
While we could break below the indicated support line, leading to quite a drop as there's not many support levels nearby, I'm looking for scalping opportunities over the next week as the TA, FA, and most importantly, my gut instinct tells me that even if we see a price drop, it's still a fantastic time to buy BTC if you plan on holding.
Trade active:
Screw it, I've been playing very safe and not trusting my gut on some trades lately. Opening buy order for $9,451 with a stop-loss at $8,740.
Since the accumulation is holding up, I would be very surprised if we saw a drop any lower than ~$9,400 before testing and possibly breaking $10k again.
No trades active yet.